Turkey’s credit rating outlook was raised by Fitch Ratings after the appointment of a new economy team that’s started to adopt more conventional policies and restore the country’s foreign reserve buffers.
Fitch revised the outlook on the nation’s long-term foreign-currency issuer default rating to stable from negative and affirmed the IDR at B, five notches below investment grade and on par with Egypt and Mongolia.
Turkey was last upgraded by Fitch more than a decade ago, receiving an investment-grade rating from the company for the first time. It’s been downgraded five times since 2017, however, as President Recep Tayyip Erdogan increasingly leaned on policies that pumped up the economy at the expense of price stability and the lira.
“There is still uncertainty regarding the magnitude, longevity and success of the policy adjustment to bring down inflation, partly due to political considerations, “ Fitch said. Under Erkan, the central bank almost tripled its key interest rate to 25% since June, while the government announced a more realistic macroeconomic program that committed to reducing inflation and building back reserves.
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